Capital's Growing Reputation for Jobs and Innovation

11 November 2011

The inclusion of three Wellington firms in the top five fastest growing companies in New Zealand is further proof that the city is successfully repositioning itself as an economic powerhouse as well as the political and cultural capital, says Wellington City Council's Economy Portfolio Leader, Councillor Jo Coughlan.

Wellington companies Powershop, Telecom Rentals and Xero were among the top five fastest growing companies in the country in the last year, according to the Deloitte Fast 50 latest rankings.

Powershop - an online electricity retailer that helps Kiwis save money by paying for what they need rather than the same rate for the whole year - came out on top, growing its revenue by 5,280 percent, while Telecom Rentals, a telecommunications finance company, was third (986 percent) and Xero, which specialises in accounting software, was fourth (873 percent).

Cr Coughlan says the success of the Wellington companies shows the city is an excellent place to do business.

 "This further cements Wellington's place on New Zealand's innovation map," says Cr Coughlan. 

"We have a thriving community of very talented businesses across the spectrum from IT to hi-tech manufacturing. This combined with our world class public sector, is building our reputation internationally as the smart capital."

Cr Coughlan says the Council's draft economic strategy, which closed for public submissions today, outlines an aggressive plan to attract talent, business and investment to the capital.

"With a shared vision, and the right attitude we can create 10,000 new jobs in Wellington."